As shown on the chart above, the 2nd board index remained resisted by the 103.36 Fibonacci Retracement. At the moment, the 2nd board index is still moving sideways in its consolidation. Mean while, as pointed by A, the 14, 21, 31 EMA is still serving as the dynamic support to the 2nd board index. If the 2nd board index could still be supported by the rising dynamic support after its consolidation, the outlook for the 2nd board index would likely to positive bias.

Volume for the 2nd board market declined 21.6%, while remained above the 40 days VMA level. This suggested that the overall 2nd board market is still actively participated. Therefore, this is the crucial criteria for the 2nd board index to stay in uptrend. (Study B)

As circled by C, despite the technical correction, Stochastic remained above 70% level, in the short-term bullish region. If the 2nd board index could remained in the bullish region after its consolidation, the market movement for the short-term is likely to stay bullish bias. (Study C)

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